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LIABILITIES - what a business owes. They are broadly divided in the
balance sheet into short term (current liabilities) and long term (capital).
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LIMITED COMPANY - enterprise where shareholders liability is limited
to investment. Can be public or private company.
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LIMITED LIABILITY - the liability of a member of a company to contribute
capital to the company that is limited to a known amount agreed between the
company and the member.
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LIMITED PARTNERSHIP - a partnership where one or more of the partners
liability is limited to their capital input.
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LIQUIDATION - termination of a company, where assets are turned into
cash to pay off outstanding creditors. Another term for "winding up".
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LIQUIDATION COMMITTEE - a body appointed by the creditors/members of
a company in creditors voluntary winding up, which oversees the work of a liquidator
who is not an official receiver.
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LIQUIDATOR - the person appointed by a company's creditors to assess
the company's assets and liabilities, to sell assets, pay liabilities and distribute
the remaining monies to shareholders and creditors.
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